Date: March 18, 2020
Description: On Wednesday, the Small Business Administration announced that the nation’s small companies adversely impacted by COVID-19 can now apply for disaster loans up to $2M to offset temporary revenue losses resulting from the pandemic. Loan amounts are based on each applicant’s financial condition with repayment terms up to 30 years.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the coronavirus.
“Timing is everything as we navigate this crisis,” Ohio Governor DeWine said. “I am encouraging all small businesses located in the Ohio to visit the SBA Disaster Assistance website and submit your application today.” While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.
Businesses can also find local SBA Resource Partners information on SBA’s website.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the coronavirus pandemic. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Interest rates offered are as low as 3.75% for businesses without credit available elsewhere – businesses with credit available elsewhere aren’t eligible. The interest rate for non-profits is 2.75%.
Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years.
For additional information, contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.